SINGAPORE (Sept 28): Thakral Corporation has acquired two more properties outside Queensland, Australia to continue the development of resort-styled retirement housing for those over 50s.

The properties are both located at Woodend, Victoria with a land area of 11.7ha and Lennox Head, New South Wales with a land area of 11.6ha.

Construction for Woodend and Lennox Head is scheduled to start in 4Q17 and 1Q18 respectively.

When completed, GemLife Woodend will have 199 homes while GemLife Lennox head will have 170 homes.

The acquisition was made through JV company GTH Resorts, a joint venture set up last December between the subsidiaries of Thakral Corporation and Australian retirement homes operator Living Gems Lifestyle Resorts.

Its first two communities GemLife Bribie Island and GemLife Highfields were launched in Queensland in Nov and Dec 2016.

The two latest additionals will bring GTH Resorts’ total number of homes to over 1,000.

In its Thursday evening filing, the group says sales at both properties have started and the initial response was “very encouraging”.

The development costs for both properties will be funded through senior debt, capital provided by GemLife and proceeds from the home sales.

Inderbethal Singh Thakral, Group CEO and executive director of Thakral says, “GemLife has committed around A$20 million ($21.3 million) to the development of the two properties. TCL expects the returns from the projects to be consistent with its target for investments.”

Shares in Thakral closed 1 cent lower at 53 cents on Thursday.